Kaman sales up 12.6 percent
Second-quarter sales for Kaman Industrial Technologies grew by12.6% to $304.1 million.
The increase in sales in the second quarter resulted from $25.7 million in sales from acquisitions and an increase of $8.3 million in organic sales.
"The sequential improvement in organic sales and the performance of the newly acquired B.W. Rogers drove Distribution to achieve a 5.1% operating margin," said Neal J. Keating, Kaman Corp. chairman, president and chief executive officer.
"We are very pleased with the results for B.W. Rogers for the quarter and we expect to continue to realize accretive operating performance from this important acquisition. We have met our targeted expansion of our sales force and expect this initiative to meaningfully contribute toward Distribution's future growth," he added.
Kaman Corp. reported sales of $459 million for the quarter, compared to $431.7 million in the second quarter of 2013. Net earnings of $16.5 million, or 60 cents per share, compared to earnings of $17.8 million, or 67 cents, for the same period last year.
"Improved performance at Distribution was achieved despite costs associated with additional sales force resources added during the first half of the year, acquisition and integration costs of B.W. Rogers and continued headwinds from our Mexico operations," said chief financial officer, Robert D. Starr. "We expect negative margin pressure in 2014 from our expansion of the sales force at Distribution, but believe that this will be more than offset by the contribution of B.W. Rogers and other margin improvement initiatives."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
